Edison Investment Research - Draper Esprit (GROW) Molten Ventures - Strong exits and stable NAV/share ex FX in H125

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Edison Investment Research

Pedro Fonseca

Molten Ventures - Strong exits and stable NAV/share ex FX in H125

Molten Ventures released its trading update for H125 (ending September 2024), expecting a c 3% NAV per share decline versus end-March 2024 to 644p, mostly due to c £30m negative foreign exchange effects (2% of opening gross portfolio value). As discussed in our September update note, Molten experienced a significant pick-up in exit activity, and collected £76m in cash proceeds in H125. Molten also announced that Martin Davis will step down after five years as the company’s CEO and will be succeeded with immediate effect by Ben Wilkinson, who has been Molten’s CFO for the last eight years. Andrew Zimmermann (finance director) will be appointed interim CFO. We also note that Molten’s shares re-entered the UK flagship top 250 index in the period. The shares now trade at a c 47% discount to NAV.

01/11/2024 1 EN

Underlying

Draper Esprit

Draper Esprit is a venture capital firm. Co. is engaged in developing and investing in technology companies across Europe. Co. utilizes three pools of capital to invest in companies: its balance sheet; tax-efficient investing in Enterprise Investment Scheme/Venture Capital Trust; and secondary funds backed by institutional capital focused on this space. Co. is focused on entrepreneurs across four primary sectors: Consumer Technology, Enterprise Technology, Hardware and Electronics, and Digital Health and Wellness. Co. also acquires venture capital portfolios through its division, Draper Esprit Secondaries.

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GB00BY7QYJ50 London Stock Exchange United Kingdom

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Pedro Fonseca

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Molten Ventures - Strong exits and stable NAV/share ex FX in H125

Molten Ventures Plc: 1 director

Transaction in Own Shares

Transaction in Own Shares

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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